Cannelton NB/First-Cannelton NB, Cannelton, IN (Charter 9682)
Cannelton National Bank/First-Cannelton NB, Cannelton, IN (Chartered 1910 - Closed (Merger) 1995)
Town History
Cannelton is a city in Troy Township, Perry County, Indiana, located along the Ohio River and just three miles from Tell City. Cannelton, which was the smallest incorporated city in the state until 2010, was formerly the county seat of Perry County until the seat was relocated to Tell City. The population was 1,563 at the 2010 census. In 1900 the population was 2,188 peaking in 1930 at 2,265.
The name Cannelton was adopted in 1844, and is derived from the cannel coal that was once mined in the area. A post office has been in operation at Cannelton since 1844.
On October 17, 1850, James Young, of Glasgow, Scotland, patented a method for the extraction of paraffin (kerosene) from cannel coal. It was widely used from 1850 to 1860 in the manufacture of coal oil, which today would be called shale oil. The principal consumer product was the illuminating oil kerosene. In 1860, there were 55 companies in the United States making coal oil from cannel coal, most of them near the cannel coal mines, in New York, Pennsylvania, Ohio, Kentucky, and western Virginia (now West Virginia). The discovery of petroleum deposits in the US, starting with the Drake Oil Well in 1859, made petroleum a cheaper raw material for making kerosene and drove the American oil shale industry out of business.
Cannelton had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes. Cannelton also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized September 30, 1909
- Chartered March 2, 1910
- Conversion Cannelton State Bank
- 1: Absorbed 9401 January 13, 1932 and assumed its circulation (First National Bank, Cannelton, IN)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Changed Institution Name to First National Bank of Perry County, Indiana, April 1, 1989
- Merged into Tell City National Bank in Tell City, IN, January 1, 1995
Henry Heck & Co. observed its 100th anniversary in 1962. The firm was founded in 1862 by Jacob Heck. The original store was on the corner of Taylor and Sixth Streets. In 1882 a two-story brick building was erected. In 1906, Jacob Heck sold the business to two of his children, Henry and Louise Heck who operated as partners. In 1927 the business was incorporated under the name of Henry Heck and Company with Henry Heck and Louise Heck; and Otto Heck and Louise Livers, son and daughter; becoming stockholders. In 1939, Mr. and Mrs. William C. Livers assumed active management. In 1942 a new building was added and in 1946 the original store structure was replaced by a modern building. Jacob Heck, the founder, was the first president of the Old State Bank, which became the Cannelton National Bank in 1909.
On May 18, 1909, the Comptroller of the Currency approved an application to convert the Cannelton State Bank into the Cannelton National Bank. The reorganized institution had capital of $25,000.
On October 29, 1931, the directors of the First National Bank and Cannelton National Bank announced the merger of the two banks, subject to approval of stockholders and the comptroller of the currency. Total assets of the new institution, named First-Cannelton National Bank, would approximate $875,000.
On January 12, 1932, at a joint meeting of the stockholders of the Cannelton National bank and First National bank, the proposed merger of the two banks was ratified, and the action of the directors in effecting the consolidation of the two national banks was approved. The new institution opened the next day as the First-Cannelton National Bank, and business was conducted in the building of the old Cannelton National bank. Henry Heck, formerly president of the Cannelton National bank, was elected to serve as president of the new organization. Charles F. Gerber, formerly president of to First National Bank, was elected to serve as first vice president; Norman E. Hafele, as vice president; and cashier; Joseph M. Hirsch, as vice president and auditor; and John Conway, as assistant cashier. The following nine men composed the board of directors of the First-Cannelton National Bank: Charles F. Gerber, Henry Heck, Joseph M. Hirsch, Edward F. Clemens, Norman E. Hafele, August Heck, T.W. Irvin. W.C. Lehman, and Wm. G. Minor. The capital stock of the First National bank, $25,000, was added to the stock of the Cannelton National Bank, making a total capitalization for the new organization of $75,000, and the total aggregate assets of the combined banks was $834,244.03, as shown by the last report made to the comptroller of currency.
On January 10, 1945, all officers and directors of the First-Cannelton National Bank were re-elected at the annual meeting. Stockholders elected the following directors: Edward F. Clemens, August Heck, Charles F. Gerber, Thomas W. Irvin, Maurice Reed, Mrs. Ruth Louise Livers, and Charles Cunningham. The directors elected Charles F. Gerber, president; August Heck, vice president; John Conway, cashier; and Kenneth Dhonan, assistant cashier.
On January 11, 1951, the officers elected were August Heck, president; John Conway, vice president and cashier; Kenneth Dhonan, assistant cashier; and Miss Wilma Heck, bookkeeper. Heck succeeded Charles F. Gerber as president the previous September due to the death of the latter. The directors were August Heck, Edward F. Clemens, Maurice Reed, Mrs. Ruth Louise Livers, Charles Cunningham, Preston Minor and John Conway.
On June 19, 1991, a former Perry County man was sentenced to nearly 12 years in prison for robbing five banks in four different states during a six-month spree in 1989 and 1990. James David Harding, 47, formerly of Cannelton, was sentenced by US District Judge Gene Brooks. Harding was serving a 20-year sentence for the February 27, 1990 robbery of the First National Bank of New Albany. His latest sentence of 11 years and eight months would be concurrent with the previous 20-year term. The latest sentence was given for the following bank robberies:
- First National Bank of Perry County, Cannelton, Indiana, on Sep. 22, 1989 which netted $1,381
- Florida Federal Savings Bank of Jacksonville, Florida, on Jan. 10, 1990 which netted about $2,900
- Coastal Federal Savings Bank of Socastee, South Carolina on Jan. 15, 1990 which netted $8,613
- Davis National Bank of Myrtle Beach, South Carolina on Feb. 9, 1990 which netted $2,951
- Third National Bank of Nashville, Tennessee on Feb. 27, 1990 which netted $5,034
Harding pleaded guilty to those robberies on March 22, 1991.
On Tuesday, September 17, 1991, The First National Bank of Perry County joined the Federal Home Loan Bank of Indianapolis. The First National, headquartered in Cannelton, had $19.3 million in assets. As a Federal Home Loan member, First National had access to wholesale funds to make home mortgage loans to its customers.
Official Bank Title(s)
1: Cannelton National Bank, Cannelton, IN
2: First-Cannelton National Bank (2/8/1932), Cannelton, IN
Bank Note Types Issued
A total of $401,510 in National Bank Notes was issued by this bank between 1910 and 1995. This consisted of a total of 32,445 notes (20,428 large size and 12,017 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: 1902 Date Back 3x10-20 1 - 1710 1: 1902 Plain Back 3x10-20 1711 - 5107 1: 1929 Type 1 6x10 1 - 936 1: 1929 Type 1 6x20 1 - 262 2: 1929 Type 1 6x10 1 - 326 2: 1929 Type 1 6x20 1 - 104 2: 1929 Type 2 10 1 - 1846 2: 1929 Type 2 20 1 - 403
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1910 - 1995):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Indiana Bank Note History
- General information on Cannelton (Wikipedia)
- General information on Perry County (Wikipedia)
- General information on Indiana (Wikipedia)
Sources
- Cannelton, IN, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Evansville Courier and Press, Evansville, IN, Tue., May 18, 1909.
- The Owensboro Messenger, Owensboro, KY, Fri., Oct. 30, 1931.
- The Owensboro Messenger, Owensboro, KY, Wed., Jan. 13, 1932.
- Evansville Courier and Press, Evansville, IN, Thu., Jan. 11, 1945.
- Evansville Press, Evansville, IN, Thu., Jan. 11, 1951.
- Evansville Courier and Press, Evansville, IN, Sun., Aug. 12, 1962.
- The Times-Mail, Bedford, IN, Sat., Sep. 23, 1989.
- Journal and Courier, Lafayette, IN, Wed., Sep. 18, 1991.
- Evansville Press, Evansville, IN, Thu., June 20, 1991.